Marketplace Europe at Davos 2023

Press release
Published January 22nd, 2023 - 07:51 GMT
Marketplace Europe at Davos 2023
Marketplace Europe airs on CNN International on Saturday 21st January 2023 at 0845 CET
Highlights
In this month’s episode of Marketplace Europe, CNN’s Richard Quest is at the World Economic Forum in Davos, Switzerland.

In this month’s episode of Marketplace Europe, CNN’s Richard Quest is at the World Economic Forum in Davos, Switzerland. Amid fears Europe could suffer its second recession in a matter of years, Quest speaks to big names in the banking sector to see if Europe is prepared for the year ahead and how committed they are to the sustainability mission.

The CEO of Allianz, Oliver Bäte, describes the upcoming challenge of reinventing their business model, which once relied on, “America paying for security, China paying for our profits and Russia providing us with cheap us with cheap energy.”

Bäte says that this is no longer possible, with the plans for 2023 dependent on the answers to the following questions, “Who is the consumer? What do they really want in the long run? What do they want to pay for? And how do we retool the value chain for this to be successful? [Allianz] are here to protect your most valuable assets.”

CEO of Novozymes, Ester Baiget, shares her ideas for the way forward, “It’s all about cash allocation and prioritisation, how we are investing, and how we are building the people, the culture and the momentum within the organisation to drive change. It’s about being market-driven.”

Baiget says, “Solutions exist to feed the world in a more sustainable way. If you would replace 10% of the protein demands of the society with plant-based protein, that’s equivalent to freeing up 15% of European arable land. In Europe we’re facing regulation that is based on the past, and it’s hindering the speed of the penetration of those solutions.”

Quest also speaks with the president of the European Bank for Reconstruction and Development [EBRD], Odile Renaud-Basso who explains that the EBRD have increased financial support to Ukraine, “Liquidity and emergency support we do not do in normal times, but we do now.”

Against the backdrop of the Russian invasion, the EBRD is helping other countries navigate the impact caused by the current situation in Ukraine, and is also offering support with energy security, the green transition and the move to digitalisation.

For example, in Poland, the EBRD is helping private equity to grow. “If we invest, we give confidence in the project by giving our support, this will attract investors,” Renaud-Basso says.

See more from Marketplace Europe:

https://edition.cnn.com/specials/business/marketplace-europe

Background Information

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